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Scott Minerd Says Crypto Will “Deflate Further”

Thu, 07/28/2022 - 06:04
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Alex Dovbnya
Scott Minerd believes that the cryptocurrency bubble will deflate just like the dot-com bubble
Scott Minerd Says Crypto Will “Deflate Further”
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Scott Minerd, global chief investment officer of Guggenheim Partners, predicted that Bitcoin would continue deflating further during a recent interview with Bloomberg.

“I think it’s going to deflate further, and I think we are going to have something akin to the collapse of the internet bubble to have a chance to sort out who are the winners and who are the losers here. I don’t think we’ve fully flushed out the system yet,” Minerd said.     

From a trader’s perspective, it makes sense to take advantage of an opportunity to see higher prices in the near term, according to Minerd.   However, as an investor, he thinks that cryptocurrencies are under pressure “from a regulatory standpoint.” Furthermore, he has noted that there is no real institutional money to support it.     

BREAKING: Bitcoin Surges to Intraday High After Fed Rate Hike
As reported by U.Today, Bitcoin experienced a sharp rally on Wednesday after the U.S. Federal Reserve decided to go with a 75 basis point hike. The cryptocurrency spiked to as high as $23,452 on the Bitstamp exchange after plunging as much as 14% in the run-up to the central bank’s announcement.  

Speaking of the recent relief rally, Minerd opined that the Fed might not be as hawkish as advertised.

At the same time, the prominent investor says that it’s really hard to argue that the U.S. is not in a recession, countering Fed Chair Jerome Powell’s claims.

As reported by U.Today, Minerd predicted that the $8,000 level may end up being Bitcoin’s “ultimate bottom.” However, it should be noted that the investor made some inaccurate price predictions in the past.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at